Saudi Arabia Precious Metal Market (2024-2030) | Size, Companies, Forecast, Analysis, Trends, Growth, Value, Revenue, Share, Outlook & Industry

Saudi Arabia Precious Metal Market Synopsis

Saudi Arabia is one of the leading markets for gold and other precious metals in the Middle East. The Saudi Arabia government has been actively encouraging investment in gold, silver, platinum, and palladium as a way to diversify its investment portfolio away from oil-dependent assets. The market is expected to witness significant growth over the forecast period (2020-2026) due to increasing disposable incomes, rising demand for jewelry items in weddings celebrations and enhanced regulations on foreign investments.

Market Drivers

Increasing disposable income with economic reforms such as Vision 2030 taking hold, Saudi Arabia economy has seen an increase in purchasing power among consumers which is likely to drive demand for luxury products including gold and other precious metals. Rising demand for jewelry items during wedding celebrations: Weddings are a major event in the country with people often investing heavily into festive ornaments made of gold or similar materials as gifts or celebration tokens. This trend is likely to support domestic consumption of these products going forward.

Challenges of the Market

High cost of imports & taxes, Gold prices have surged since 2019 driven by higher import costs along with high customs duties making it difficult for importers & traders who rely on imported goods.

Covid 19 Impact on the Market

The covid 19 pandemic has had negative impact on trading activities related to gold & other precious metal sectors throughout 2020. Apart from restricted movements both domestically & internationally ,there was also reduced demand due mainly attributable unprecedented economic downturns worldwide. However 2021 onwards ,the sector should begin picking up with gradual easing of lockdowns throughout regions& countries worldwide allowing business operations resume more normalcy than before this pandemic started.

key players of the Market

Major players operating within this market include Al Rajhi Bank ?? National Commercial Bank?? Riyad Bank?? Samba Financial Group?? SABB ?? Jazira Investment Co., Ltd., ALINMA Tokenization Company Limited (ATC) etc.

Key Highlights of the Report:

• Saudi Arabia Precious Metal Market Outlook
• Market Size of Saudi Arabia Precious Metal Market, 2023
• Forecast of Saudi Arabia Precious Metal Market, 2030
• Historical Data and Forecast of Saudi Arabia Precious Metal Revenues & Volume for the Period 2020-2030
• Saudi Arabia Precious Metal Market Trend Evolution
• Saudi Arabia Precious Metal Market Drivers and Challenges
• Saudi Arabia Precious Metal Price Trends
• Saudi Arabia Precious Metal Porter's Five Forces
• Saudi Arabia Precious Metal Industry Life Cycle
• Historical Data and Forecast of Saudi Arabia Precious Metal Market Revenues & Volume By Product for the Period 2020-2030
• Historical Data and Forecast of Saudi Arabia Precious Metal Market Revenues & Volume By Gold for the Period 2020-2030
• Historical Data and Forecast of Saudi Arabia Precious Metal Market Revenues & Volume By Silver for the Period 2020-2030
• Historical Data and Forecast of Saudi Arabia Precious Metal Market Revenues & Volume By Platinum Group Metals (PGM) for the Period 2020-2030
• Historical Data and Forecast of Saudi Arabia Precious Metal Market Revenues & Volume By Applications for the Period 2020-2030
• Historical Data and Forecast of Saudi Arabia Precious Metal Market Revenues & Volume By Jewelry for the Period 2020-2030
• Historical Data and Forecast of Saudi Arabia Precious Metal Market Revenues & Volume By Industrial for the Period 2020-2030
• Historical Data and Forecast of Saudi Arabia Precious Metal Market Revenues & Volume By Investment for the Period 2020-2030
• Saudi Arabia Precious Metal Import Export Trade Statistics
• Market Opportunity Assessment By Product
• Market Opportunity Assessment By Applications
• Saudi Arabia Precious Metal Top Companies Market Share
• Saudi Arabia Precious Metal Competitive Benchmarking By Technical and Operational Parameters
• Saudi Arabia Precious Metal Company Profiles
• Saudi Arabia Precious Metal Key Strategic Recommendations